Blockchain analytics firm TRM Labs reported that illicit entities received roughly $141 billion in stablecoins in 2025, the highest level in five years, driven mainly by sanctions-linked networks and large-scale money laundering. Sanctions-related activity made up 86% of all illicit crypto flows, with around $72 billion tied to the Russian ruble-pegged A7A5 token, while overall illicit use represented about 1% of an estimated $12 trillion in annual stablecoin transactions.

XRP, Shiba Inu and Dogecoin are showing signs of weakness after recent attempts at recovery. XRP is in a cooling phase amid an 85% collapse in trading activity from its sell-off peak, while DOGE hovers just below $0.10 and SHIB remains trapped in a bearish structure. Overall price action points to consolidation and limited upside potential for these assets in the near term.

Kraken said on Thursday that xStocks has exceeded $25 billion in cumulative transactions less than eight months after launch, counting centralized and decentralized trades plus minting and redemptions. The platform reports $3.5 billion in onchain volume and over 80,000 unique onchain holders, alongside a 150% increase since November.

On February 18 at ETHDenver, SEC Chair Paul Atkins said regulators should not overreact to falling crypto prices as Bitcoin hovered around $66,000 and other major tokens declined. Instead, he outlined Project Crypto, a joint SEC–CFTC effort to define asset classifications, rules for tokenized securities on automated market makers, and custody guidance, while Commissioner Hester Peirce stressed that long‑term value depends on building useful products rather than short‑term market moves.

ProShares launched the GENIUS Money Market ETF under ticker IQMM, investing solely in short‑term U.S. Treasurys and designed to qualify as reserve assets for stablecoin issuers. The fund uses a floating NAV, intraday trading, and same‑day settlement, with prospectus notes that yields could be lower versus broader money market mandates.

Mizuho analysts reaffirmed an "outperform" rating and a $26 price target on Gemini Space Station, even as the stock trades near all-time lows around $5.90. They argued that recent executive departures and market turmoil are largely priced in, while cost cuts, a 25% workforce reduction and exiting the UK, EU and Australia could support margin improvement over time. Their valuation framework also includes a $43 bull case and an $8 bear case, both above the current share price.

Russia is preparing to restrict access to overseas crypto exchange websites from September 1 unless platforms comply with new domestic requirements. The plan channels users toward locally licensed venues operating under experimental legal regimes, alongside accelerated efforts to launch state-backed exchanges in Moscow and St. Petersburg with stricter KYC and capital standards.

ProShares has launched the ProShares GENIUS Money Market ETF (NYSE Arca: IQMM), a vehicle built to hold assets eligible as reserves for dollar-pegged stablecoins under U.S. law. The fund confines holdings to cash and U.S. government securities maturing in 93 days or less, while stablecoin supply sits just under $300 billion, according to The Block's data.